Bank of America Corporation $BAC Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in Bank of America by 22.7% in the first quarter, owning 243,516 shares valued at approximately $10.16 million.
• Bank of America announced a $40 billion stock buyback plan, reflecting the board's belief that the stock is undervalued, alongside a recent increase in its quarterly dividend from $0.26 to $0.28 per share.
• Bank of America has received positive analyst ratings, with Oppenheimer raising the price target from $55 to $57, while a consensus rating remains as "Moderate Buy" with a target price of $50.39.

Intech Investment Management LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 22.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 243,516 shares of the financial services provider's stock after purchasing an additional 45,004 shares during the period. Intech Investment Management LLC's holdings in Bank of America were worth $10,162,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Continuum Advisory LLC lifted its position in shares of Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock worth $734,000 after purchasing an additional 237 shares in the last quarter. Cape Investment Advisory Inc. increased its stake in shares of Bank of America by 1.9% in the first quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider's stock worth $524,000 after buying an additional 238 shares during the last quarter. Menard Financial Group LLC increased its stake in shares of Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock worth $906,000 after buying an additional 240 shares during the last quarter. Maia Wealth LLC increased its stake in shares of Bank of America by 1.4% in the first quarter. Maia Wealth LLC now owns 17,334 shares of the financial services provider's stock worth $723,000 after buying an additional 240 shares during the last quarter. Finally, Northern Financial Advisors Inc increased its stake in shares of Bank of America by 1.8% in the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider's stock worth $600,000 after buying an additional 252 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.30% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Oppenheimer lifted their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Truist Financial lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. The Goldman Sachs Group lifted their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Finally, Phillip Securities lowered shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, July 25th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $50.39.

Bank of America Stock Down 0.2%

BAC stock opened at $50.17 on Thursday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $50.92. The firm has a fifty day moving average price of $48.06 and a two-hundred day moving average price of $44.19. The firm has a market cap of $371.57 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.95 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the firm earned $0.83 earnings per share. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. Research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's dividend payout ratio is presently 32.75%.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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